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Hon. Nigel Clarke, DPhil., MP, (2nd left) Minister of Finance and the Public Service and Lilia Burunciuc (2nd right), World Bank Country Director for the Caribbean Countries sign a loan agreement to support the Jamaica Social Protection for Increased Resilience and Opportunities Project during a visibility ceremony at the ministry on Tuesday, June 11, 2024. Looking on are Collette Roberts Risden (left), Permanent Secretary, Ministry of Labour and Social Security and Dr. Jaime Saavedra Chanduvi (right), World Bank Human Development Director for Latin America and the Caribbean Region.
Kingston, Jamaica: Wednesday, October 2, 2024
The Government of Jamaica (GOJ) is implementing a Reverse Income Tax Credit (RITC) which will provide a grant of $20,000 to registered taxpayers who earned less than 3 million dollars during year of assessment 2023. The initiative was launched at the Jamaica Pegasus Hotel in Kingston on Wednesday, October 2, 2024.
The one-off payment is designed for individuals, including the self-employed, Pay-As-You-Earn (PAYE) employees, as well as Domestic Workers, who earned less than 3 million dollars during year of assessment 2023 and who would have completed their tax filings and payments for the 2023 calendar year or NIS Stamp Card for 2022 by August 31, 2024.
The GOJ has estimated JM$ 11.4 Billion as the cost of this initiative.
In his remarks, Hon. Nigel Clarke, DPhil., MP, Minister of Finance and the Public Service said the initiative will provide relief to low-income earners by allowing them to enjoy the gains from Jamaica’s macroeconomic stability.
“This one-off grant of $20,000 is designed for individuals who earn less than 3 million dollars [during assessment year 2023] and could benefit over 500,000 Jamaicans across a range of professions including but not limited to government workers, administrative professionals, members of the creative industry, warehouse staff, merchandisers, security guards, office attendants and quick service professionals,” said Minister Clarke.
Minister Clarke also noted that the Reverse Income Tax Credit regime is also a demonstration of the Government’s commitment to equity. Approximately 200,000 higher earning Jamaicans benefitted from the movement in the income tax threshold from $1.5mn to $1.7mn. The Reverse Income Tax Initiative ensures that lower income earners who contribute to Jamaica through statutory deduction also receive a benefit. The GOJ will always ensure that the gains of macroeconomic stability are shared with all the people of Jamaica.
Payment of the tax credit will be rolled out through an online system developed and operationalised by Tax Administration Jamaica (TAJ) to ensure efficient processing and disbursement.
Speaking at the launch, Ainsley Powell CD, Commissioner General of TAJ highlighted that the online system is ready to accept applicants noting that any issues will be addressed quickly.
He indicated that TAJ demonstrated today how persons can apply and that support has been put in place to ensure that processing will run smoothly and that any issues will be resolved quickly to enable persons to receive the $20,000 as provided for under the programme.
To qualify for the tax credit, self-employed individuals must have filed their Annual Return of Income, Taxes and Contributions payable (S04) for the year of assessment 2023 and paid the required statutory obligations in full by August 31, 2024.
For employed persons under the PAYE system, their employer must have filed the Employer’s Annual Return (S02) for the calendar year 2023 by August 31, 2024.
Additionally, to qualify for the tax credit, Domestic Workers must have filed their National Insurance Scheme (NIS) Stamp Card for the year 2022 and their names appear in the NIS database by August 31, 2024.
All qualified persons must possess a TRN, valid email address, telephone number, and bank account details or remittance agency information.
Since the launch of the RITC 1,315 applications have been received and 1,157 have been accepted.
The application period will run from October 2 – December 2, 2024, and must be submitted online through TAJ’s website at www.jamaicatax.gov.jm/ritc.
Visit mof.gov.jm or jamaicatax.gov.jm for more information.
-end-
For further information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Tel: (876) 932-4656/4660/4655
Email: Shakiel.Rochester-Shorter@mof.gov.jm; Suzell.Wray@mof.gov.jm
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
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The Independent Fiscal Commission Act, which establishes an Independent Fiscal Commission for monitoring and maintaining Jamaica’s adherence to the country’s fiscal responsibility laws, was passed in 2021.
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